Prudent AI, offering AI-powered income verification, reports that mortgage lenders are experiencing significant operational efficiencies and growth with its income intelligence tool.
Prudent AI empowers lenders to evaluate borrower repayment ability in minutes, unlocking deep financial insights while reducing processing time, the company says in a release.
With qualified income computed from all types of income documents, in a fraction of the time of traditional methods, innovative non-QM lenders are gaining competitive advantages while closing more loans.
Angel Oak Mortgage Solutions reports doubling its loan application processing capacity within months of implementation. Bank statement processing time plummeted from several hours to under 5 minutes.
“I chose Prudent AI over other vendors due to its unique capability to tailor ‘Income calculation’ as per our guidelines,” says Alysse Prosnick, executive vice president of operations for Angel Oak Mortgage, in the release. “The intuitive UI/UX design is another high point, letting our sales and underwriting teams access information in no time. Notably, Prudent AI has allowed us to make significant cost savings per loan by cutting down on man-hours, thereby streamlining our expenses.”
LendSure Mortgage transformed its workflow by replacing Excel macros with Prudent AI’s system, reducing 4-hour manual processes to minutes and increasing productivity fourfold.
“Prudent AI has made our employees happier by automating monotonous work, reducing errors and bringing us great speed,” says Joseph Lydon, co-founder and managing director for LendSure Mortgage. “We love the attention to detail, the high quality and the flexibility to meet our needs. I’d always want Prudent AI on our side.”
Lenders partnering with Prudent AI experience dramatic operational improvements, including the ability to evaluate borrower ability-to-repay within minutes, with qualified income computed instantly from diverse document types.
The firm claims to speed processing time by 70%, as AI handles data extraction and calculation. The solution also delivers enhanced accuracy.
“The excitement we see from lenders is incredible,” says Srikanth Rajaraman, co-founder of Prudent AI. “Our technology opens doors for deserving borrowers who might be overlooked in traditional systems. We’re creating a more inclusive, efficient lending ecosystem where everyone wins – lenders, borrowers, and the industry as a whole.”
Photo: Hitesh Choudhary